The Financial Services Authority, the chief City watchdog, is to reprimand telecommunications company Marconi for failing to keep shareholders adequately informed about the dire state of trading in the run-up to a profits alert last July.

Business news & features p2

Telemonde, the troubled telecoms firm founded by Kevin Maxwell, has restated its accounts, it emerged this weekend. News of the action, taken on the advice of Telemonde's auditors, comes amid growing concerns about the way telecoms firms report their figures.

A new row over the future of the London Underground erupted last night, with Mayor Ken Livingstone's office accusing Stephen Byers of withholding crucial facts relating to plans for the public-private partnership.

Hermes, the fund management group that champions the rights of shareholders, is to demand that the bumper pay package awarded to the new chief executive of Tomkins, the UK engineer, is put to the vote at the company's AGM in September.

Business news & features p5

A dressing down
It was inevitable, Diary observes. The Evening Standard 's new news editor and all-round hard man, Ian 'Rambo' MacGregor, is reading the riot act to the paper's delicate souls. From now on, Rambo says, the little dears will no longer be allowed to wear jeans in the office. The future for new editor Veronica Wadley's now famous white leather jacket is unclear.

Business news & features p6

The Gladiator stood in the forum like a man who was 10 feet tall! He and the troop levitated with excitement half an inch above the dust-ridden training ground, counting their bounty, having very much landed the spoils of war from the financial spread betting ring last week.

What a lot of sycophantic nonsense from brokers who follow BT. Suddenly, everything has changed since Ben Verwaayen took over as chief executive - just three weeks ago. The company has turned the corner, we are told, and investors should be charging into the market to buy the stock. Phooey.

Suddenly, the bottom has fallen out of the market for art auctioneers. Sotheby's is effectively up for sale as Alfred Taubman, convicted last year of rigging the market with his supposed rival Christie's, ponders the sale of his controlling stake.